The popular meme coin, Shiba Inu, has experienced a significant surge in its burn rate, reaching over 4,000% in the past 24 hours, resulting in the removal of over 81 million tokens from circulation.
This surge in burn rate adds to the success of the program, with nearly 1.7 billion Shiba Inu (SHIB) assets destroyed in April alone. The program’s primary objective is to decrease the vast supply of the meme coin, thereby increasing its scarcity and potentially enhancing its value in the future.
SHIB’s price has seen a 6% increase weekly and has soared over 150% since May of last year. It remains the second-largest asset in the meme coin category, boasting a market capitalization nearing $15 billion.
Another factor contributing to Shiba Inu’s recent price resurgence is the development of its layer-2 scaling solution, Shibarium. This network aims to differentiate the token from its competitors within the meme coin space by improving speed, scalability, and reducing transaction fees. Recently, Shibarium underwent two significant upgrades.
The first upgrade occurred in mid-April with the launch of a new user interface (UI) update, described as “faster, smoother, and more accessible than ever.” The goal was to improve compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.
Shortly after, developers introduced another advancement through a “hard fork,” aimed at enhancing user experience, empowering the developer and innovator community, and implementing quicker block processing times.
